MIRA INFORM REPORT

Report Date :

30.12.2013

IDENTIFICATION DETAILS

Name :	NOSY
Registered Office :	13 Rue La Fayette 75009 Paris 9
Country :	France
Financials (as on) :	31.12.20008
Date of Incorporation :	August 2005
Legal Form :	Limited Liability Company
Line of Business :	Retail sale of clothing in specialized stores
No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.8% of GDP in 2012, while France's public debt rose from 68% of GDP to 90% over the same period. Under President SARKOZY, Paris implemented some austerity measures to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

NOSY

SIRET

483 810 131 00019

Company Summary

EUR VAT Number	FR05483810131
Activity (APE)	Retail sale of clothing in specialized stores (4771Z)	Legal form	Limited Liability Company
Phone	01 48 74 04 38	RCS Registration	RCS Paris B 483 810 131
Fax
Address	NOSY 13 RUE LA FAYETTE 75009 PARIS 9	Incorporated Date	08/2005
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Directors

Name	M. NAIM ZAKARIA
Manager position	Manager	Date of birth	03/02/1967
Place of birth	PARIS 4
Type	Individual	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M YVES SAGROUN	12/08/1964 - TUNIS TUNISIE

NEGATIVE INFORMATION

JUDGEMENTS

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

Share capital

8,000 Euros

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	12/31/2008	12/31/2007
Turnover	247,132 €	198,929 €
Gross Operating Surplus	11,10 % Turnover	-0,74 % Turnover
Shareholders’ equity	10,003 €	4,823 €
Net result	5,180 €	-5,493 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2008	31/12/2007
Account period (month)	12	12
Account Type	Normal	Normal
Date of capture	02/11/2009	-
Activity Code	4771Z	4771Z
Employees	1	1	-

Active account

Annual Accounts	31/12/2008		31/12/2007	Sector Median 2008
Capital not called	0	0%	0	0	0%
Total fixed assets	99 247	96,9%	50 406	70 413	40,9%
- Intangible assets	0	0%	0	39 000	0%
- Tangible assets	93 800	108,6%	44 959	11 940	685,6%
- Financial assets	5 447	0%	5 447	1 396	290,2%
Net current assets	64 844	258,6%	18 082	100 049	-35,2%
- Stocks	4 000	0%	4 000	49 572	-91,9%
- Advanced payments	40 000	258,6%	2 500	0	0%
- Receivables	11 116	-4,0%	11 582	8 300	33,9%
- Securities and cash	9 728	0%	0	12 399	-21,5%
- Prepaid expenses	-	-	-	368	-
Accounts of regularization	0	0%	0	0	0%
Total Assets	164 092	139,6%	68 488	192 819	-14,9%

Passive Account

Annual Accounts	31/12/2008		31/12/2007	Sector Median 2008
Shareholders' equity	10 003	107,4%	4 823	38 480	-74,0%
Share capital	8 000	0%	8 000	8 000	0%
Other capital resources	0	0%	1 916	0	0%
Risk Provisions	0	0%	0	0	0%
Liabilities	154 089	149,5%	61 749	131 766	16,9%
- Financial liabilities	101 070	66,3%	60 788	43 971	129,9%
- Advanced payments received	0	0%	0	0	0%
- Trade account payables	49 187	0%	0	28 327	73,6%
- Tax and social liabilities	3 832	298,8%	961	20 678	-81,5%
- Other debts and fixed assets liabilities	0	0%	0	4 962	0%
Account regularization	0	0%	0	0	0%
Total liabilities	164 092	139,6%	68 488	192 819	-14,9%

Results

Annual Accounts	31/12/2008		31/12/2007	Sector Median 2008
Sales of Goods	247 132	24,2%	198 929	251 673	-1,8%
Net turnover	247 132	24,2%	198 929	247 312	-0,1%
- of which net export turnover	0	0%	0	0	0%
Operating charges	236 427	17,5%	201 201	245 326	-3,6%
Operating profit/loss	10 705	571,2%	-2 272	5 836	83,4%
Financial income	0	0%	0	0	0%
Financial charges	5 406	181,6%	1 920	1 895	185,3%
Financial profit/loss	-5 406	-181,6%	-1 920	-1 363	-296,6%
Pretax net operating income	5 299	226,4%	-4 192	3 738	41,8%
Extraordinary income	17	0%	0	0	0%
Extraordinary charges	136	-89,5%	1 301	82	65,9%
Extraordinary profit/loss	-119	90,9%	-1 301	0	0%
Net result	5 180	194,3%	-5 493	4 045	28,1%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2008	31/12/2007
Months	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2008		31/12/2007
Grand Total (I to VI)	Net	164 092	139,6%	68 488
Gross	CO	180 729	163,7%	68 542
Amortisation	1A	16 637	30709,3%	54

Non declared distributed capital (I)

		31/12/2008		31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0
Gross	AA	0	-	-

Active fixed asset (II)

		31/12/2008		31/12/2007
Total Active fixed asset (II)	Net	99 247	96,9%	50 406
Gross	BJ	115 884	129,7%	50 460
Amortisation	BK	16 637	30709,3%	54

Intangible fixed assets

			31/12/2008		31/12/2007
	Start-up cost	Net	0	0%	0
	Gross	AB	0	0%	0
	Amortisation	AC	0	0%	0
	R & D expenses	Net	0	0%	0
	Gross	CX	0	0%	0
	Amortisation	AE	0	0%	0
	Distributorships, patents	Net	0	0%	0
	Gross	AF	0	0%	0
	Amortisation	AG	0	0%	0
	Goodwill	Net	0	0%	0
	Gross	AH	0	0%	0
	Amortisation	AI	0	0%	0
	Other intangible fixed assets	Net	0	0%	0
	Gross	AJ	0	0%	0
	Amortisation	AK	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0
	Gross	AL	0	0%	0
	Amortisation	AM	0	0%	0
Sub Total Intangible Assets		Net	0	0%	0

Tangible fixed assets

		31/12/2008		31/12/2007
Lands	Net	0	0%	0
Gross	AN	0	0%	0
Amortisation	AO	0	0%	0
Buildings	Net	0	0%	0
Gross	AP	0	0%	0
Amortisation	AQ	0	0%	0
Plant	Net	0	0%	0
Gross	AR	0	0%	0
Amortisation	AS	0	0%	0
Other tangible fixed assets	Net	93 800	108,6%	44 959
Gross	AT	110 437	145,3%	45 013
Amortisation	AU	16 637	30709,3%	54
Fixed assets in construction	Net	0	0%	0
Gross	AV	0	0%	0
Amortisation	AW	0	0%	0
Advances and payments on account	Net	0	0%	0
Gross	AX	0	0%	0
Amortisation	AY	0	0%	0
Sub Total Tangible asset	Net	93 800		44 959

Financial assets

		31/12/2008		31/12/2007
Associates at equity	Net	0	0%	0
Gross	CS	0	0%	0
Amortisation	CT	0	0%	0
Other participations	Net	0	0%	0
Gross	CU	0	0%	0
Amortisation	CV	0	0%	0
Inter-company receivables	Net	0	0%	0
Gross	BB	0	0%	0
Amortisation	BC	0	0%	0
Other investment securities	Net	0	0%	0
Gross	BD	0	0%	0
Amortisation	BE	0	0%	0
Loans	Net	0	0%	0
Gross	BF	0	0%	0
Amortisation	BG	0		0
Other financial assets	Net	5 447	0%	5 447
Gross	BH	5 447	0%	5 447
Amortisation	BI	0	0%	0
Sub Total Financial Assets		5 447		5 447

Current Assets (III)

		31/12/2008		31/12/2007
Total Assets	Net	64 844	258,6%	18 082
Gross	CJ	64 844	258,6%	18 082
Amortisation	CK	0	0%	0

Stocks

		31/12/2008		31/12/2007
Raw materials	Net	0	0%	0
Gross	BL	0	0%	0
Amortisation	BM	0	0%	0
Work in progress (goods)	Net	0	0%	0
Gross	BN	0	0%	0
Amortisation	BO	0	0%	0
Work in progress (services)	Net	0	0%	0
Gross	BP	0	0%	0
Amortisation	BQ	0	0%	0
Semi-finished and finished products	Net	0	0%	0
Gross	BR	0	0%	0
Amortisation	BS	0	0%	0
Goods for resale	Net	4 000	0%	4 000
Gross	BT	4 000	0%	4 000
Amortisation	BU	0	0%	0
Sub Total Stocks	Net	4 000	0%	4 000

Advance payments to suppliers

		31/12/2008		31/12/2007
Advance payments to suppliers	Net	40 000	1500%	2 500
Gross	BV	40 000	1500%	2 500
Amortisation	BW	0	0%	0

Debtors

		31/12/2008		31/12/2007
Trade accounts receivable	Net	0	0%	0
Gross	BX	0	0%	0
Amortisation	BY	0	0%	0
Other debtors	Net	4 351	-62,4%	11 582
Gross	BZ	4 351	-62,4%	11 582
Amortisation	CA	0	0%	0
Capital subscribed and called up	Net	0	0%	0
Gross	CB	0	0%	0
Amortisation	CC	0	0%	0
Sub Total Debtors	Net	4 351	-62,4%	11 582

Divers

		31/12/2008		31/12/2007
Investment securities	Net	0	0%	0
Gross	CD	0	0%	0
Amortisation	CE	0	0%	0
Cash and cash equivalents	Net	9 728	0%	0
Gross	CF	9 728	0%	0
Amortisation	CG	0	0%	0
Sub Total Divers	Net	9 728	0%	0

Prepaid expenses

		31/12/2008		31/12/2007
Prepaid expenses	Net	6 765	0%	0
Gross	CH	6 765	0%	0
Amortisation	CI	0	0%	0

Equalization accounts (IV to VI)

		31/12/2008		31/12/2007
Multi-period charges	CW3	0	0%	0
Gross		0	-	-
Premiums on redemption of bonds	CM3	0	0%	0
Gross		0	-	-
Currency differential gain	CN3	0	0%	0
Gross		0	-	-

References

		31/12/2008		31/12/2007
Due within one year	CP	0	0%	0
Due after one year	CR	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2008		31/12/2007
Grand Total (I to V)	EE	164 092	139,6%	68 488

Shareholder Equity (I)

		31/12/2008		31/12/2007
Total shareholders' equity (Total I)	DL	10 003	107,4%	4 823
Equity and shareholders' equity	DA	8 000	0%	8 000
Issue and merger premiums	DB	0	0%	0
Revaluation differentials	DC	0	0%	0
Of which equity differential	EK	0	0%	0
Legal reserve	DD	0	0%	0
Statutory or contractual reserve	DE	0	0%	0
Special regulated reserves	DF	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0
Other reserves	DG	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%
Profits or losses brought forward	DH	-3 177	-237,2%	2 316
Profit or loss for the period	DI	5 180	194,3%	-5 493
Investment grants	DJ	0	0%	0
Special tax-allowable reserves	DK	0	0%	0

Other capital resources (II)

		31/12/2008		31/12/2007
Total other capital resources (Total II)	DO	0	0%	1 916
Income from participating securities	DM	0	0%	1 916
Conditional loans	DN	0	0%	0

Provisions for risks and charges (III)

		31/12/2008		31/12/2007
Total provisions for risks and charges (Total III)	DR	0	0%	0
Risk provisions	DP	0	0%	0
Reserves for charges	DQ	0	0%	0

Liabilities (IV)

		31/12/2008		31/12/2007
Total Liabilities (Total IV)	EC	154 089	149,5%	61 749
Convertible debentures	DS	0	0%	0
Other debentures	DT	0	0%	0
Bank loans and liabilities	DU	101 070	82,2%	55 481
Sundry loans and financial liabilities	DV	0	0%	5 307
Of which participating loans	EI	0	0%	0
Advance payments received for current orders	DW	0	0%	0
Trade accounts payables	DX	49 187	0%	0
Tax and social security liabilities	DY	3 832	298,8%	961
Fixed asset liabilities	DZ	0	0%	0
Other debts	EA	0	0%	0

Translation loss (V)

		31/12/2008		31/12/2007
Translation loss (Total V)	ED	0	0%	0

Equalization accounts

		31/12/2008		31/12/2007
Deferred income	EB	0	0%	0

References

		31/12/2008		31/12/2007
Of which tax-allowable reserve	EF	0	0%	0
Deferred income and liabilities	EG	53 019	745,9%	6 268
Of which current bank facilities	EH	0	0%	55 481

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2008		31/12/2007
Operating result (Total I-II)	GG	10 705	571,2%	-2 272

2 - Financial result (V - VI)

		31/12/2008		31/12/2007
Financial result (Total V-VI)	GV	-5 406	-181,6%	-1 920

3 - Pre-tax net operating income result (I - VI)

		31/12/2008		31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	5 299	226,4%	-4 192

4 - Extraordinary result (VII-VIII)

		31/12/2008		31/12/2007
Extraordinary result (Total VII-VIII)	HI	-119	90,9%	-1 301

Profit or loss

		31/12/2008		31/12/2007
Profit or loss	HN	5 180	194,3%	-5 493

Total Income (I+III+V+VII)

		31/12/2008		31/12/2007
Total Income (I+III+V+VII)	HL	247 149	24,2%	198 929

Total charges (Total II+IV+VI+VIII+IX+X)

		31/12/2008		31/12/2007
Total charges (Total II+IV+VI+VIII+IX+X)	HM	241 969	18,4%	204 422

Operating income (I)

		31/12/2008		31/12/2007
Total operating income (Total I)	FR	247 132	24,2%	198 929

Operating income (details)

		31/12/2008		31/12/2007
Sale of goods for resale	FC	247 132	24,2%	198 929
France	FA	247 132	24,2%	198 929
Export	FB	0	0%	0
Sale of goods produced	FF	0	0%	0
France	FD	0	0%	0
Export	FE	0	0%	0
Sale of services	FI	0	0%	0
France	FG	0	0%	0
Export	FH	0	0%	0
Net turnover	FL	247 132	24,2%	198 929
France	FJ	247 132	24,2%	198 929
Export	FK	0	0%	0
Stocked production	FM	0	0%	0
Self-constructed assets	FN	0	0%	0
Operating grants	FO	0	0%	0
Release of reserves and provisions	FP	0	0%	0
Other income	FQ	0	0%	0

Operating charges (II)

		31/12/2008		31/12/2007
Total operating charges (Total II)	GF	236 427	17,5%	201 201

Exploitation charges

		31/12/2008		31/12/2007
Purchase of goods for resale	FS	131 107	16,9%	112 174
Change in stocks of goods for resale	FT	0	0%	40 513
Purchase of raw materials	FU	2 983	0%	0
Change in stocks of raw materials	FV	0	0%	0
Other external purchases and charges	FW	55 332	27,7%	43 328
Tax, duty and similar payments	FX	217	-6,1%	231
Payroll	FY	24 827	508,1%	4 083
Social security costs	FZ	5 226	6687,0%	77

Depreciation

		31/12/2008		31/12/2007
Depreciation of fixed assets	GA	16 583	1988,5%	794
Amortisation of fixed assets	GB	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0
Provisions for risks and charges	GD	0	0%	0

Other charges

		31/12/2008		31/12/2007
Other charges	GE	152	15100%	01

Operating charges (III-IV)

		31/12/2008		31/12/2007
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0

Financial income (V)

		31/12/2008		31/12/2007
Total financial income (Total V)	GP	0	0%	0
Share financial income	GJ	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0
Other interest and similar income	GL	0	0%	0
Released provisions and transferred charges	GM	0	0%	0
Exchange gains	GN	0	0%	0
Net income from disposal of investment securities	GO	0	0%	0

Financial Charge (VI)

		31/12/2008		31/12/2007
Total financial charge (Total VI)	GU	5 406	181,6%	1 920
Financial reserves and provisions	GQ	0	0%	0
Interest and similar charges	GR	5 406	181,6%	1 920
Exchange losses	GS	0	0%	0
Net loss from disposal of investment securities	GT	0	0%	0

Extraordinary income (VII)

		31/12/2008		31/12/2007
Total extraordinary income (Total VII)	HD	17	0%	0
Extraordinary operating income	HA	17	0%	0
Extraordinary income from capital transactions	HB	0	0%	0
Released provisions and transferred charges	HC	0	0%	0

Extraordinary charges (VIII)

		31/12/2008		31/12/2007
Total extraordinary charges (Total VIII)	HH	136	-89,5%	1 301
Extraordinary operating charges	HE	136	52,8%	89
Extraordinary charges from capital transactions	HF	0	0%	1 212
Extraordinary reserves and provisions	HG	0	0%	0

Employee profit sharing (IX)

		31/12/2008		31/12/2007
Employee profit sharing (Total IX)	HJ	0	0%	0

Tax on profits (X)

		31/12/2008		31/12/2007
Tax on profits (Total X)	HK	0	0%	0

References

		31/12/2008		31/12/2007
Of which equipment leases	HP	0	0%	0
Of which property leases	HQ	0	0%	0
Of which transferred charges	A1	0	0%	0
Of which trader's own contributions	A2	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0
Of which royalties on licences and patents (charges)	A4	152	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomes tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2008		31/12/2007
Gross value at begin of period	OG	0	0%	8 700
Increases due to revaluation	OH	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	45 110
Decreases by budget item transfer	OK1	0	0%	0
Decreases by transfers	OK2	0	0%	3 350
Gross value at the end of period	OL	115 884	129,7%	50 460

Research and development Charge (Total I)

		31/12/2008		31/12/2007
Gross value at begin of period	CZ	0	0%	0
Increases due to revaluation	KB	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0
Decreases by budget item transfer	C01	0	0%	0
Decreases by transfers	C02	0	0%	0
Gross value at the end of period	D0	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2008		31/12/2007
Gross value at begin of period	KD	0	0%	0
Increases due to revaluation	KE	0	0%	0
Increases, acquisitions, creations, contributions	KF	0	0%	0
Decreases by budget item transfer	LV1	0	0%	0
Decreases by transfers	LV2	0	0%	0
Gross value at the end of period	LW	0	0%	0

Tangible fixed assets (Total III)

		31/12/2008		31/12/2007
Gross value at begin of period	LN	45 013	1243,7%	3 350
Increases due to revaluation	LO	0	0%	0
Increases, acquisitions, creations, contributions	LP	65 425	45,3%	45 013
Decreases by budget item transfer	NG1	0	0%	0
Decreases by transfers	NG2	0	0%	3 350
Gross value at the end of period	NH	110 438	145,3%	45 013

Financial assets (Total IV)

		31/12/2008		31/12/2007
Gross value at begin of period	LQ	5 447	1,8%	5 350
Increases due to revaluation	LR	0	0%	0
Increases, acquisitions, creations, contributions	LS	0	0%	97
Decreases by budget item transfer	NJ1	0	0%	0
Decreases by transfers	NJ2	0	0%	0
Gross value at the end of period	NK	5 447	0%	5 447

Reserve for depreciation
Situation and movement of reserve for depreciation
Grand total (I-II-III)

			31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	0N	0	0%	1 398
Increases		0P	0	0%	794
Decreases		0Q	0	0%	2 138
	Reserve for depreciation value at the end of period	0R	0	0%	54

Research and development charge (Total I)

			31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	CY	0	0%	0
Increases		PB	0	0%	0
Decreases		PC	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0

Other intangible assets (Total II)

			31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	PE	0	0%	0
Increases		PF	0	0%	0
Decreases		PG	0	0%	0
	Decreases by budget item transfer	PH	0	0%	0

Total fixed assets amortisation (Total III)

			31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	QU	54	-96,1%	1 398
Increases		QV	16 583	1988,5%	794
Decreases		QW	0	0%	2 138
	Decreases by budget item transfer	QX	16 637	30709,3%	54

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2008		31/12/2007
	Gross value at begin of period	Z91	0	0%	0
Increases		Z92	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0

Premium refund of obligations

			31/12/2008		31/12/2007
	Net value at beginning of period	SP1	0	0%	0
Increases		SP2	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0
	Net value at the end of period	SR	0	0%	0

Provisions included in balance sheet
Grand Total (I-II-III)

			31/12/2008		31/12/2007
	Value at beginning of period	7C	0	0%	0
Increases		UB	0	0%	0
Decreases		UC	0	0%	0
	Value at the end of period	UD	0	0%	0

Includes Total allocations

Operating	UE	0	0%	0
Financial	UG	0	0%	0
Exceptional	UJ	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	0
Financial	UH	0	0%	0
Exceptional	UK	0	0%	0

Total regulated provisions (Total I)

			31/12/2008		31/12/2007
	Value at beginning of period	3Z	0	0%	0
Increases		TS	0	0%	0
Decreases		TT	0	0%	0
	Value at the end of period	TU	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2008		31/12/2007
	Value at beginning of period	5Z	0	0%	0
Increases		TV	0	0%	0
Decreases		TW	0	0%	0
	Value at the end of period	TX	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2008		31/12/2007
	Value at beginning of period	7B	0	0%	0
Increases		TY	0	0%	0
Decreases		TZ	0	0%	0
	Value at the end of period	UA	0	0%	0

State deadlines claims and debts at the end of period
State claims

		31/12/2008		31/12/2007
Gross value	VT	16 563	-2,7%	17 029
1 year at most	VU	11 116	-4,0%	11 582
More than one year	VV	5 447	0%	5 447

State of loans

		31/12/2008		31/12/2007
Claims related to holdings (gross)	UL	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0
Loans (gross)	UP	0	0%	0
Loans (1 year at most)	UR	0	0%	0
Other financial assets (gross)	UT	5 447	0%	5 447
Other financial assets (1 year at most)	UV	0	0%	0

Receivables statement of assets

		31/12/2008		31/12/2007
Customers doubtful or disputed	VA	0	0%	0
Other claims customer	UX	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0
Personnel and associated accounts	UY	0	0%	0
Social Security and other social organizations	UZ	0	0%	0
Income taxes	VM	0	0%	0
Value added tax	VB	4 351	-27,6%	6 007
Other taxes and payments assimilated	VN	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0
Group and Associates	VC	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	5 575

Prepaid

		31/12/2008		31/12/2007
Prepaid	VS	6 765	0%	0

State Debt

			31/12/2008		31/12/2007
	Total debt (gross)	VY	154 089	149,5%	61 749
1 year at most		VZ2	53 019	745,9%	6 268
More than 1 year and 5 years at most		VZ3	101 070	82,2%	55 481
More than 5 years		VZ4	0	0%	0

Details

			31/12/2008		31/12/2007
	Convertible bonds (gross)	7Y1	0	0%	0
1 year at most		7Y2	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0
1 year at most		7Z2	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0
1 year at most		VG2	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	101 070	82,2%	55 481
1 year at most		VH2	0	0%	0
More than 1 year and 5 years at most		VH3	101 070	82,2%	55 481
	Loans and various financial liabilities (gross)	8A1	0	0%	0
1 year at most		8A2	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0
	Suppliers and associated accounts (gross)	8B1	49 187	0%	0
1 year at most		8B2	49 187	0%	0
More than 1 year and 5 years at most		8B3	49 187	0%	0
	Personnel and associated accounts (gross)	8C1	94	-90,2%	961
1 year at most		8C2	94	-90,2%	961
More than 1 year and 5 years at most		8C3	0	0%	0
	Social Security and other social organizations (gross)	8D1	3 738	0%	0
1 year at most		8D2	3 738	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0
1 year at most		8E2	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0
	VAT (gross)	VW1	0	0%	0
1 year at most		VW2	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0
1 year at most		VX2	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0
1 year at most		VQ2	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0
1 year at most		8J2	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0
More than 5 years		8J4	0	0%	0
	Groups and associates (gross)	VI1	0	0%	5 307
1 year at most		VI2	0	0%	5 307
More than 1 year and 5 years at most		VI3	0	0%	0
More 5 years		VI4	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0
1 year at most		8K2	0	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0
1 year at most		SZ2	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0
	Products in advance (gross)	8L1	0	0%	0
1 year at most		8L2	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0

References

		31/12/2008		31/12/2007
Loans made during the period	VJ	0	0%	0
Debt repaid during the period	VK	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2008		31/12/2007
Dividends	ZE	0	0%	0

Commitments

		31/12/2008		31/12/2007
Commitments leasing furniture	YQ	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0

Other charges Externes

		31/12/2008		31/12/2007
Subcontracting	YT	7 887	91,9%	4 111
Rentals, rental charges and condominiums	XQ	27 150	-0,2%	27 200
Staff outside the company	YU	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	1 081	8,1%	1 000
Fees, commissions and brokerage	YV	0	0%	0
Other accounts	ST	19 213	74,4%	11 018
Total Other purchases and external	ZJ	55 332	23853,2%	43 328

Taxes and Fees

		31/12/2008		31/12/2007
Business tax	YW	55	0%	55
Other taxes and payments assimilated	9Z	02	-98,9%	176
Total taxes and fees	YX	57	-75,3%	231

VAT

		31/12/2008		31/12/2007
Amount VAT collected	YY	48 438	24,2%	38 990
Total VAT on goods and services	YZ	33 541	5,1%	31 903

Average number of employees

		31/12/2008		31/12/2007
Average number of employees	YP	01	0%	01

Groups and Shareholders

		31/12/2008		31/12/2007
Groups and Shareholders	ZR	0	-	0

Display parameter
Comparison mode	Average	Median

Ratios
Structure and liquidity | Management or rotation | Profitability of the business | Return on capital

Structure and Liquidity

	31/12/2008		31/12/2007	Sector Median 2008
Fixed Asset Financing	1,10	358,3%	0,24	1,26	-12,7%
Global Debt	224 days	100%	112 days	183 days	22,4%
Working Capital Fund overall net	17 days	124,6%	-69 days	37 days	-54,1%
Financial independence	9,90%	13,9%	8,69%	88,99%	-88,9%
More ratios
Solvability	6,10%	-38,0%	9,84%	23,64%	-74,2%
Capacity debt futures	%	-	%	485,74%	-
Coverage of current assets by net working capital overall	20,36%	109,6%	-212,14%	28,21%	-27,8%
General Liquidity	0,21	-88,6%	1,85	0,09	133,3%
Restricted Liquidity	0,39	-78,9%	1,85	0,30	30,0%

Management or rotation

	31/12/2008		31/12/2007	Sector Median 2008
Need background in operating working capital	-7 days	-122,6%	31 days	2 days	-450,0%
Treasury	14 days	114,0%	-100 days	1 days	1300%
Inventory turnover of goods	11 days	22,2%	9 days	153 days	-92,8%
Average length of credit granted to customers	0 days	0%	0 days	0 days	0%
Average length of credit obtained suppliers	79 days	0%	0 days	55 days	43,6%
More ratios
Inventory turnover of raw materials in industrial enterprises	0 days	-	days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	522,50 days	-
Rotation tangible assets	223,77%	-49,4%	441,94%	585,56%	-61,8%

Profitability of the business

	31/12/2008		31/12/2007	Sector Median 2008
Margin trading	46,95%	101,9%	23,25%	42,11%	11,5%
Profitability of the business	11,10	1600%	-0,74	4,39%	152,8%
Net profit	2,10%	176,1%	-2,76%	1,77%	18,6%
More ratios
Growth rate of turnover (excluding VAT)	24,23%	-	%	-0,63%	3946,0%
Rates integration	23,35%	1499,3%	1,46%	25,17%	-7,2%
Rate leasing furniture	0%	0%	0%	0%	0%
Work Factor	52,08%	-63,5%	142,76%	71,38%	-27,0%
Weight interests	2,19	125,8%	0,97%	0,77%	184,4%

Return on capital

	31/12/2008		31/12/2007	Sector Median 2008
Cash flow from the overall profitability	8,81%	603,4%	-1,75%	3,71%	137,5%
Rates of economic profitability	25%	1350,0%	-2%	11%	127,3%
Financial profitability	10003%	48,4%	6739%	4067%	146,0%
Return on investment	9,53%	280,2%	-5,29%	7,44%	28,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2008		31/12/2007	Sector Median 2008
Turnover	247 132	24,2%	198 929	247 312 €	-0,1%

Sales of goods	247 132	24,2%	198 929
- Purchase of goods	131 107	16,9%	112 174
+/- Stock of goods variation	0	0%	40 513
Trading margin	116 025 €	150,9%	46 242 €	97 995 €	18,4%
	46,95 % CA	101,9%	23,25 % CA	42,43 % CA	10,7%

Sale of goods produced	0	0%	0
+/- Stocked production	0	0%	0
+ Self-constructed assets	0	0%	0
Period production	0 €	0%	0 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0 % CA	0%

Trading margin	116 025	150,9%	46 242	97 995	18,4%
+ Period Production	0	0%	0	0	0%
- Purchase of raw materials	2 983	0%	0
+/- Change in stocks of raw materiels	0	0%	0
- Other external purchases and charges	55 332	27,7%	43 328
Added value	57 710 €	1880,4%	2 914 €	63 398 €	-9,0%
	23,35 % CA	1499,3%	1,46 % CA	25,17 % CA	-7,2%

Added value	57 710 €	1880,4%	2 914 €	63 398 €	-9,0%
+ Operating grants	0	0%	0
- Tax, duty and similar payments	217	-6,1%	231
- Personal charges	30 053	622,4%	4 160
Gross operating surplus	27 440 €	1957,8%	-1 477 €	9 626 €	185,1%
	11,10 % CA	1600%	-0,74 % CA	4,38 % CA	153,4%

Gross operating surplus	27 440 €	1957,8%	-1 477 €	9 626 €	185,1%
+ Release of reserves and provisions	0	0%	0
+ Other operating income	0	0%	0
- Depreciation/Amortisation	16 583	1988,5%	794
- Other charges	152	15100%	01
Operating result	10 705 €	571,2%	-2 272 €	5 810 €	84,3%
	4,33 % CA	479,8%	-1,14 % CA	2,65 % CA	63,4%

Operating result	10 705 €	571,2%	-2 272 €	5 810 €	84,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0
+ Financial income	0	0%	0
- Financial charges	5 406	181,6%	1 920
Pre-tax result	5 299 €	226,4%	-4 192 €	3 728 €	42,1%
	2,14 % CA	201,4%	-2,11 % CA	1,68 % CA	27,4%

Extraordinary income	17	0%	0	0	0%
- Extraordinary charges	136	-89,5%	1 301
Extraordinary result	-119 €	90,9%	-1 301 €	0 €	0%
	-0,05 % CA	92,3%	-0,65 % CA	0 % CA	0%

Pre-tax result	5 299 €	226,4%	-4 192 €	3 728 €	42,1%
Extraordinary result	-119 €	90,9%	-1 301 €	0 €	0%
- Employee profit sharing	0	0%	0
- Tax on profits	0	0%	0
Net result	5 180 €	194,3%	-5 493 €	4 016 €	29,0%
	2,10 % CA	176,1%	-2,76 % CA	1,77 % CA	18,6%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Retail sale of clothing in specialized stores
RCS Registration	RCS Paris B 483 810 131	Share capital	8,000 Euros
Registration Court	Paris (75)	Legal form	Limited Liability Company
Court Registry Number	05 B 15247	EUR VAT Number	FR05483810131
Incorporation Date	08/2005	Formation Date	08/2005
Deregistration Date		Last account Date	31/12/2008
Nationality	France

Establishment details

Activity (APE)	Retail sale of clothing in specialized stores	Business Pages FT®	VETEMENTS POUR HOMMES ET DAMES (DETAIL)
Postal Address	NOSY 13 RUE LA FAYETTE 75009 PARIS 9	Trading Address	13 RUE LA FAYETTE 75009 PARIS 9
Telephone	01 48 74 04 38
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	08/2005	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Paris (75)	Region	Ile-de-France
District	1	Area	99
City	PARIS 9	Size of urban area	Paris conglomeration

Other establishments

Branches	1 branch entities in this company
Head office	> NOSY <<<  - Commerce de détail d'habillement en magasin spécialisé (4771Z)  in PARIS 9  (75009)
Secondary establishments

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

Workforce unknown

Company workforce

Workforce unknown

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
21/12/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8772 - 483810131 RCS. NOSY. Forme : Société à responsabilité limitée à associé unique. Adresse : 13 R LAFAYETTE 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
24/01/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7607 - 483810131 RCS. NOSY. Forme : Société à responsabilité limitée à associé unique. Adresse : 13 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
19/10/2007	Bodacc B	Modifications et mutations diverses
2927 - RCS Paris B 483 810 131. RC 05-B 15247. NOSY. Forme : S.A.R.L. à associé unique. Capital : 8 000 euros. Adresse du siège social : 13 rue Lafayette,, 75009 Commentaires : modification survenue sur l'administration. Administration : gérant partant : SAGROUN (Yves). Nomination du gérant : NAIM (Zakaria, Olivier).
02/09/2005	Bodacc A	Création d'établissement
1041 - RCS Paris B 483 810 131. RC 05-B 15247. NOSY. Forme : S.A.R.L. Capital : 8 000 euros. Activité : propriété et son exploitation directe ou par tout autre moyen d'un fonds de commerce de prêt-à-porter pour hommes, femmes ou enfants commerce d'accessoires de mode, de sacs à mains et de chaussures . Adresse du siège social : 13 rue Lafayette, 75009 Paris. Administration : gérant : SAGROUN (Yves). Cette société se constitue . Date de début d'activité : 1er août 2005.

Company events history

Date	Description
22/10/2013	Update Rating
22/10/2013	Update Limit
17/10/2013	Update Rating
17/10/2013	Update Limit
21/12/2009	Bodacc C : Deposit accounts notice
24/01/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
31/12/2007	New accounts available
17/09/2007	Updated articles of association
17/09/2007	Appointment/resignation of company officers
17/09/2007	Sale of shares
17/09/2007	New manager
17/09/2007	Private document
17/09/2007	Minutes of general meeting of shareholders
19/08/2005	Company formation
19/08/2005	Fund deposit certificate
19/08/2005	Appointment/resignation of company officers
19/08/2005	Private document
19/08/2005	Articles of association

Establishment events history

Date	Description
03/04/2012	Update Rating
01/02/2012	Update of phone numbers
27/09/2010	Update Limit
26/09/2010	Update Rating
05/01/2010	Update Limit
30/12/2009	Update Rating
26/12/2009	Update Rating
26/12/2009	Update Limit
04/11/2009	Update Rating
04/11/2009	Update Limit
06/09/2009	Update Limit
06/09/2009	Update Rating
26/12/2008	Update Rating
26/12/2008	Update Limit
10/07/2008	Update of phone numbers
13/01/2008	Update Limit
12/01/2008	Update Rating
16/12/2007	Update Limit
11/12/2007	Update Limit
31/05/2007	Update Rating

NOTES & COMMENT

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

	The deviation in the current ratio over the last two accounting periods is 143.71 %
	The tangible fixed assets are 93,800 €
	Low risk workforce size
	Industry code with low risk rating
	Region code with low risk rating
	The company is 8 years old
	The stocks value is 4,000 €
	The net current assets are 64,844 €
	The receivables value is 11,116 €
	The net turnover is 247,132 €
	The pre-tax profit is 5,180 €
	The sales to current assets ratio is 3,81
	The deviation in the equity percentage over the last two accounting periods is 82.42 %
	The deviation in the gearing percentage over the last two accounting periods is 80.17 %
	The trade payables value is 49,187 €
	The financial liabilities are 101,070 €
	The ratio total assets to total liabilities is 1,06
	The deviation in the return on capital employed over the last two accounting periods is -63.53 %
	The growth in pre-tax profit over the last two accounting periods is -94.30 %
	The growth in the pre-tax profit margin over the last two accounting periods is -75.91 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.06
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.